With over half a million businesses taking the option to defer the VAT payable between 20 March 2020 and 30 June 2020, now is the time to consider your options with a view to making the payment of this VAT. If you deferred the VAT payment and still haven’t paid this to HMRC, you can either pay the deferred VAT in full on or before 31 March 2021 or join the VAT deferral new payment scheme – this online service opened on 23 February 2021 and runs to 21 June 2021 and allows the option of spreading the VAT payable over 2 to 11 months in equal instalments, interest free.
If you would like to use the VAT Deferral New Payment Scheme, you will need to log in to your HMRC VAT account and opt-in to the scheme. If you are unable to opt-in online, then you should call HMRC on 0800 024 1222, which allows an additional 9 days (to 30 June 2021) to opt-in.
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